Archive | Grey Lynn

Studio pushes to new price level in resale as buyers put pressure on other reserves

3 of the 9 apartments auctioned at Ray White City Apartments yesterday – in 96 on Symonds, the Sapphire & Siena Terraces – were sold under the hammer.

Bidding on the studio in 96 on Symonds (pictured above) ended $31,000 above the price the owner paid at auction just 5 months ago. A number of other traders expressed surprise at the $12,056/m² price paid in June, although units smaller than the minimum that can be built these days often command higher price tags for their superior anticipated cashflow. This sale lifts the price/m² to $13,778.

Bidding on 2 units in the leasehold Landings complex beside the old Auckland railway station, and in the Manhattan on Albert St, fell about $20-30,000 short of adjusted reserves yesterday.

CBD

Albert St

Manhattan, 105 Albert St, unit 5C:
Features: 80m², 2 bedrooms,
Outgoings: rates $1749/year including gst; body corp levy $5122/year including gst
Income assessment: $560/week, fixed unril 12 December
Outcome: passed in at $571,000
Agents: Ron Yang & Adam Gurr

Learning Quarter

96 on Symonds, 96 Symonds St, unit 1004:
Features: 18m² refurbished studio
Outgoings: rates $975/year including gst; body corp levy $2453/year including gst
Income assessment: $370-390/week
Outcome: bought for $217,000 at auction in June, passed in at $248,000
Agents: Dominic Worthington & Ady Huang

Sapphire, 76 Wakefield St, unit 810:
Features: 53m² + 6m² balcony, 2 bedrooms,
Outgoings: rates $1478/year including gst; body corp levy $4061/year including gst after 10% prompt payment discount
Income assessment: $500/week
Outcome: sold at pre-auction offer of $485,000
Agent: Lucia Gao

Quay Park

The Landings, 8 Ronayne St, unit 810:
Features: 71m², 3 bedrooms, 2 bathrooms, parking space; building has new code compliance certificate after remediation
Outgoings: rates $1633/year including gst; body corp levy $5548/year opex including gst, ground rent $7976/year
Income assessment: $680/week, fixed until March 2019
Outcome: passed in at $270,000
Agents: Dominic Worthington & Ady Huang

The Landings, 10 Ronayne St, unit 415:
Features: 47m² + 8m² balcony, 2 bedrooms, parking space
Outgoings: rates $1323/year including gst; body corp levy $3118/year opex including gst, ground rent $4482/year
Income assessment: $500/week, fixed until August 2019
Outcome: passed in at $204,000
Agents: Mitch Agnew & Ryan Bridgman

Uptown

SkyView, 7 Scotia Place, unit 8C:
Features: 71m², new 2 bedrooms, parking space
Outgoings: rates $1904/year including gst; estimated body corp levy $4399/year including gst
Income assessment: $750-800/week furnished
Outcome: passed in at $600,000
Agents: May Ma & Mark Li

Bianco off Queen, 2 White St, unit 12B:
Features: 57m², one bedroom, under hotel management, building has remediation issues
Outgoings: rates $6571/year including gst; body corp levy $2216/year opex including gst + special levy $5192
Income assessment: $800/week
Outcome: passed in on sole bid of $60,000
Agents: Ron Yang & Adam Gurr

Victoria Quarter

Altitude, 34 Kingston St, unit 5L:
Features: 27m², one bedroom
Outgoings: rates $1013/year including gst; body corp levy to be confirmed
Income assessment: $340/week
Outcome: passed in at $205,000
Agent: Damian Piggin

Ascent, 149 Nelson St, unit 303:
Features: one bedroom
Outcome: withdrawn from auction
Agent: Damian Piggin

Isthmus west

Grey Lynn

Siena Terraces, 6 Burgoyne St, unit 2N:
Features: 51m², one bedroom, balcony, tandem parking spaces
Outgoings: rates $1321/year including gst; body corp levy $3769/year including gst
Outcome: sold for $490,000
Agents: Judi & Michelle Yurak

Attribution: Auction.

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Sales trio score all 4 deals at apartments auction

The apartment sales team of Steve Kirk, Habeen Urrahman & Chris Cairns scored 4 sales out of 4 properties on offer at Bayleys’ auction yesterday, where 19 apartments, townhouses & standalone homes were listed.

The other 3 apartments on the auction list were passed in, 2 without receiving a bid.

CBD

Quay Park

Scene 1, 2 Beach Rd, unit 1305:
Features: leasehold, 2-level 2-bedroom apartment, 2 parking spaces, remediation works identified – costs would fall to buyer, proceeding lodged in Weathertight Homes Tribunal, court claim lodged in 2014
Outgoings: rates $1808/year including gst; body corp levy $6800/year, ground rent $9704 pending new rate in November
Income assessment: $710/week
Outcome: sold for $130,000
Agents: Steve Kirk, Habeen Urrahman & Chris Cairns

Uptown

Nova en Scotia, 18 Scotia Place, unit 1A:
Features: 2 bedrooms
Outgoings: rates $1304/year including gst; body corp levy $4066/year
Income assessment: $520-550/week
Outcome: sold for $400,000
Agents: Chris Cairns, Steve Kirk & Habeen Urrahman

Park Terraces, 20 Upper Queen St, unit 401:
Features: 2 bedrooms, balconies, parking space
Outgoings: rates $1653/year including gst
Outcome: passed in at $450,000
Agent: Stephen Bidwell

126 Vincent St, unit 16:
Features: 256m², full-floor penthouse in mostly commercial building, 3 bedrooms, 2 lounges, 2 bathrooms, 3 parking spaces
Outgoings: body corp levy $25,018/year
Outcome: the apartment was sold for $1.2 million in September 2015; no bid this time
Agents: Julie Quinton & Jo Darbyshire

Isthmus east

Newmarket

23 George St, unit 5C:
Features: 3-bedroom penthouse, 2 bathrooms, balcony, 2 parking spaces
Outgoings: body corp levy $9472/year
Outcome: sold for $1.06 million
Agents: Chris Cairns, Steve Kirk & Habeen Urrahman

Isthmus west

Eden Terrace

43 Virginia Avenue East, unit 104:
Features: 61m², 2 bedrooms, parking space
Outgoings: body corp levy $4348/year
Outcome: sold for $550,000
Agents: Chris Cairns, Habeen Urrahman & Steve Kirk

Grey Lynn

1 Vinegar Lane, unit 201:
Features: 2-level penthouse, 2 bedrooms, 2 bathrooms, deck, 2 basement parking spaces
Outgoings: body corp levy $11,914/year including water
Outcome: no bid
Agent: Blair Haddow

Attribution: Auction.

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Updated: Wolfe St sale the big prize as 5 commercial properties sold at auction, 2 post-auction sales

Published 20 September 2018, updated 4 October 2018:
5 of the 9 Auckland properties auctioned in Bayleys’ Total Property 6 series were sold under the hammer on 19 September, and 2 more – on Wellesley St in the cbd and in Ponsonby – have been sold post-auction.

The biggest prize was the price paid for a small warehouse in the middle of Wolfe St, in the heart of the cbd, sold for a land price of $19,298/m² after standing vacant for 23 years.

For that sale, Bayleys’ international division head, James Chan, flew to Hong Kong to translate the auction proceedings for the vendor.

Image above: 6 Wolfe St (outlined), in the heart of the cbd.

CBD

Chancery

Chancery, 2A-2B Courthouse Lane, unit A101:
Features: 314m² unit, 3 tenants
Rent: $132,436/year net + gst
Outcome: sold for $2.02 million + gst
Agents: Damien Bullick, Ken Hu & Alan Haydock

Learning Quarter

Waldorf Celestion, 19 Anzac Avenue, unit 207:
Features: 20.8m², 11-year lease to NZ Waldorf Apartments Management Ltd from March 2017, 11 secure parking spaces + laundry room
Rent: $45,000/year net + gst
Outcome: sold for $790,000 + gst
Agents: Andrew Wallace & Genevieve Thompson-Ford

Waldorf, 6-12 St Martins Lane, unit B1A:
Features: 149.6m², laundry, dining & bathroom facilities, 11-year lease to NZ Waldorf Apartments Management Ltd
Rent: $44,900/year net + gst
Outcome: no bid
Agents: Genevieve Thompson-Ford & Andrew Wallace

Queen St

MidCity arcade, 239 Queen St, unit 1Y:
Features: m², leased to hair salon, current term runs until April 2021, with further renewal rights
Rent: $27,360/year net + gst
Outcome: auction postponed
Agents: Oscar Kuang

Victoria Quarter

Updated: 145 Wellesley St West, unit 1:
Features: 71m² ground floor office unit, parking space, new 3-year lease to telecommunications company Sunx Global Ltd, which has been tenant since 2010
Rent: $32,300/year net + gst + outgoings
Outcome: passed in at $450,000 + gst, sold post-auction for $470,000 at a 6.87% yield
Agents: Nicolas Ching & James Chan

Wolfe St

6 Wolfe St:
Features: 285m² site, 1912 brick warehouse opposite the historic Yates building running from Albert to Federal St, which is being gutted for a new development
Outcome: sold for $5.5 million + gst
Agents: Nick Thompson, Robert Platt & James Chan

Isthmus east

Onehunga

6 Henderson Place, unit L:
Features: vacant 396m² warehouse & office unit, 10 parking spaces
Outcome: passed in at $1.1 million + gst
Agents: Kate Kirby & Laurie Bell

Isthmus west

Grey Lynn

SOMA, 12 Mackelvie St, unit G01:
Features: new 253m² ground floor retail, showroom or office space
Outcome: withdrawn from auction
Agents: Kate Kirby & Stephen Scott

Ponsonby

Updated: 12-14 Fitzroy St:
Features: 245m² site, 180m² corner unit, 3 parking spaces
Rent: $111,000/year net + gst
Outcome: passed in at $2.5 million + gst, sold post-auction for $2.62 million at a 4.24% yield
Agents: Damien Bullick & Alan Haydock

North-east

Albany

Rosedale Plaza, 215 Rosedale Rd, unit 8:
Features: 208m² of retail, mezzanine office & warehouse/storage space, rear roller door access, 4 exclusive parking spaces; 5-year lease from September 2016, plus 2 3-year rights of renewal, to specialist fishing equipment & apparel retailer West Shell
Rent: $45,000/year net + gst
Outcome: sold pre-auction for $850,000 + gst at a 5.29% yield
Agents: Adam Curtis, Damian Stephen & Adam Watton

Orchard Park retail centre, 21 Corinthian Drive, unit 7A:
Features: 87m² restaurant unit, 10-year lease to Double Happy from September 2017
Rent: $55,014/year net + gst + opex
Outcome: sold for $1.15 million + gst
Agents: Meng He, Steven Liu & Eddie Zhong

South

Manukau Central

6 Jack Conway Avenue, unit D:
Features: 567m² warehouse, rear roller door access, seismic rating 100% of new building standard, ground floor & warehouse vacant
Rent: top floor leased until February 2023 for $30,000/year gross + gst
Outcome: sold for $1.45 million + gst
Agents: Owen Ding, Simon Davies & Nelson Raines

Attribution: Auction.

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3 apartments sell at auction

3 apartments were sold under the hammer at Ray White City Apartments’ auction today, including one at the pre-auction offer price. 4 others were passed in.

CBD

Learning Quarter

MetroCity, 82 Wakefield St, unit 1E:
Features: 38m², one bedroom, storage locker
Outgoings: rates $1149/year including gst; body corp levy $4758/year
Income assessment: $450-470/week furnished
Outcome: sold for $275,000
Agents: May Ma & Mark Li

Columbia, 15 Whitaker Place, unit 9D:
Features: 42m², fully furnished 3 bedrooms
Outgoings: rates $1013/year including gst; body corp levy $6046/year
Income assessment: $570-590/week – out of Iota Management Ltd pool
Outcome: passed in at $246,000
Agents: Mitch Agnew & Ryan Bridgman

Queen St

QVB Farmers, 6 Victoria St East, unit 6D:
Features: 120m², 3-level 3-bedroom loft, 5m-high ceilings, 2 staircases to mezzanine & loft bedrooms, downstairs bedroom & bathroom
Outgoings: rates $2369/year including gst; body corp levy $8146/year
Outcome: no bid
Agent: Ann Bennett

Victoria Quarter

Zest, 72 Nelson St, unit 401: 48m², 2-bedroom corner unit, 2 bathrooms
Outgoings: rates $1168/year including gst; body corp levy $4348/year
Outcome: sold for pre-auction offer of $380,000
Agent: Victor Liu

Isthmus west

Grey Lynn

23A Pollen St, unit 301:
Features: 68m² internal, 9m² balcony, 2 bedrooms, parking space
Outgoings: rates $1960/year including gst; body corp levy $4706/year
Outcome: passed in at $910,000
Agent: Adam Gurr

North-east

Takapuna

Prestige on Pupuke, 73 Anzac St, unit 16:
Features: 154m², 3 bedrooms, 2 bathrooms, study, 2 parking spaces, storage locker
Outgoings: rates $3285/year including gst; body corp levy $7595/year
Outcome: passed in at $1.205 million
Agents: Mitch Agnew & Ryan Bridgman

Spencer on Byron, 9-17 Byron Avenue, unit 1208:
Features: 48m², one bedroom, parking space
Outgoings: rates $5618/year including gst; body corp levy $3501/year
Income assessment: under hotel management
Outcome: sold for $377,000
Agents: Gillian Gibson & James Mairs

Attribution: Auction.

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Builder buys on Maidstone St

A construction company has bought a small Grey Lynn property taken to market recently by JLL.

Isthmus west

Grey Lynn

6 Maidstone St:
Features: 368m² site, 473m² warehouse & residential space
Rent:
Outcome: sold to a local construction company with vacant possession for $3.088 million + gst
Agents: Jason Armstrong & Alex Wefers

Attribution: Agency release.

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Market café & 2 western fringe properties sell

Published 30 August 2018

A former café in Victoria Park Market (pictured) has been sold vacant and, on the western fringes of the cbd, Bayleys agents have sold 2 properties with development opportunities.

CBD

Victoria Quarter

Victoria Park Market, 210-218 Victoria St West, unit 10A:
Features: 147m² character high stud commercial premises in Victoria Park Market, most recently occupied by a café but suitable for a range of uses including office & retail; grade A seismic rating
Outcome: sold with vacant possession for $1.075 million
Agent: Cameron Melhuish

Isthmus west

Eden Terrace

19 Virginia Avenue East:
Features: 325m² site zoned mixed use, 21m height overlay & 337m² standalone warehouse & office building
Outcome: sold with vacant possession for $1.35 million
Agents: Andrew Wallace & Cameron Melhuish

Grey Lynn

12 Maidstone St:
Features: Underdeveloped 508m² site zoned business – mixed use, single-level 585m² showroom & warehouse building; fully leased to longstanding tenant until December 2022
Rent: $120,000/year net + gst
Outcome: sold for $3.32 million at a 3.61% yield
Agent: Cameron Melhuish

Attribution: Agency release.

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Freemans Bay house sells, Onehunga unit passed in, new SOMA apartment withdrawn

A tired house (outlined at foot of picture) in Georgina St, Freemans Bay, was sold at Barfoot & Thompson’s city branch auction today for a land price of $3667/m².

Picture shows the proximity of the city centre to this western fringe suburb.

A penthouse apartment in the new SOMA development in Grey Lynn was withdrawn from auction and a home unit in Onehunga was passed in.

Isthmus east

Onehunga

99 Mays Rd, unit 503:
Features: 2 bedrooms, garden courtyard, 2 parking spaces
Outcome: passed in at $542,000
Agent: Repeka Laulalu

Isthmus west

Freemans Bay

29 Georgina St:
Features: 306m² section, 3 bedrooms
Outcome: sold for $1.122 million
Agent: Repeka Laulalu

Grey Lynn

SOMA, 10-12 Mackelvie St, unit 503:
Features: 100m², 2-bedroom penthouse apartment, 2 bathrooms, balcony, parking space
Outcome: withdrawn from auction
Agents: Louise Stringer & Neil Dayal

Attribution: Auction.

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Warehouse sells, vendor bids dominate auction of Grey Lynn property

A Mt Wellington warehouse occupying less than half the site was sold at Colliers’ auction today, but a Grey Lynn property with permit questions (pictured) was passed in after a series of vendor bids.

The Grey Lynn property, on the corner of Williamson Avenue & Mackelvie St, has 4 tenancies including a billboard & communications equipment.

The sole bid priced the property at a 6.58% yield, but the final vendor indicator bid priced it at a 4.46% yield.

Isthmus east

Mt Wellington

2 Donnor Place:
Features: vacant 1372m² site in industrial precinct, 754m² warehouse net lettable area (47% site coverage) – warehouse 514m², storage 55m², offices 185m²
Outcome: sold for $2.45 million
Agents: Hamish West & Ben Cockram

Isthmus west

Grey Lynn

26B Williamson Avenue:
Features: corner of Mackelvie St, 355m² site zoned mixed use, 2 building tenants (Mickey’s Gym & a travel agency) occupy 531m², other 2 tenancies are for an advertising billboard & communications equipment, all expiring in 2021-22 and 3 with renewal periods; 5 parking spaces, seismic rating 100% of new building standard, zoning allows development up to 27m; property offered “as is” as some building works don’t have consent, code compliance certificate, certificate of acceptance or final sign-off
Outgoings: rates $15,181 + gst
Rent: $131,530/year net + gst
Outcome: passed in after bid at $2 million & 4 vendor bids up to $2.95 million
Agents: Jonathan Lynch, Kris Ongley & Hamish Paterson

Attribution: Auction.

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JLL sells 5 buildings in east, west & on Shore

JLL agents have sold a vacant 3-storey Parnell building, 2 buildings on the west of the isthmus in Lynfield & Mt Eden and a unit in Vinegar Lane, and a multi-tenanted Browns Bay building on the Shore (pictured).

Isthmus east

Parnell

24 York Street:
Features: 599m² 3-level standalone building zoned business mixed use
Outcome: sold with vacant possession for $4.1 million + gst
Agents: Jason Armstrong & Ian Hall

Isthmus west

Grey Lynn

25 Pollen St, corner Crummer Rd:
Features: vacant 80m² retail or office unit, 46m² exclusive courtyard in Vinegar Lane development
Outcome: sold for $1.175 million + gst
Agent: Alex Wefers

Lynfield

210 White Swan Rd:
Features: 1011m² site, 330m² building, childcare centre licensed for 54 children, 13 parking spaces
Rent: $121,000/year net + gst
Outcome: sold for $2.325 million + gst at a 5.2% yield
Agents: Kevin Reardon & Alex Wefers

Mt Eden

101 Mt Eden Rd:
Features: 1812m² investment & development site, multi-tenanted building
Outcome: sold for $5.6 million + gst at a 2.7% yield
Agents: Tommy Zhang & Kevin Reardon

North-east

Browns Bay

41 Bute Road:
Features: 2093m² site, 1044m² net lettable area, 2-level multi-tenanted building in 7 titles, 6 ground-floor retail tenants + Lollipops childcare centre upstairs licensed for 75 children, 31 parking spaces
Outcome: sold for $6.9 million + gst at a 6% yield
Agents: Ian Hall & John Binning

Attribution: Company release.

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Resale of Spark City building among 4 central & western fringe deals

The first of the 4 Spark City buildings on Victoria St West to sell when they were built in 2014, has been sold again by syndicator Augusta Capital Ltd.

It’s one of 4 transactions reported today by Bayleys. The others are a commercial unit in Conrad Properties Ltd’s new Victoria Residences development across the road from the SkyCity casino, a redeveloped & reconfigured office building in Grey Lynn and an apartment development site in Herne Bay.

Augusta bought what was then Building C at Telecom Place for $65.18 million at a 7.25% yield. The price has risen by just under $12 million and the yield has firmed from 7.25% to 6.9%. The new buyer is a fund managed from Singapore.

The building sold on Pollen St, Grey Lynn, was previously occupied by a printing company and has been transformed by Tim Wilson, of Triumph Capital and let to a mix of creative & technology tenants.

The third new development to sell is a small commercial unit on the ground floor of Conrad’s Victoria Residences, bought on the site of the former Palace Hotel, where the Chow brothers had intended to develop a highrise brothel. The 124-year-old hotel building was demolished in 2010 after walls started to crack when the basement was being dug out for the Chows’ development.

CBD

Federal St

64 Federal St:
Features: new 16m² commercial unit on ground floor of the 25-level Victoria Residences, developed by Conrad Group Ltd opposite the Sky Tower; 6-year lease to Jango Food Ltd
Rent: $55,000/year net + gst
Outcome: sold for $950,000 at a 5.79% yield
Agent: Millie Liang

Victoria Quarter

Corner Victoria St West & Dock St:
Features: 7495m² office building, part of the 4-building Spark City, 10-year lease to Spark NZ Trading Ltd until June 2024 plus 2 6-year rights of renewal; 5-star office design & built Green Building certifications, 73 basement parking spaces, shares large central atrium with the 3 other buildings also developed in 2014 by Mansons TCLM Ltd as head office campus for Telecom (now Spark)
Rent: $5,316,009 net + gst with annual 3% rental increases
Outcome: sold for $77 million, at a 6.9% yield, to SCORE+, a pan-Asian fund managed by Singapore-based SC Capital Pte Ltd by Victoria Dock Nominees joint venture, a property syndication fund managed by Augusta Funds Management Ltd
Agents: David Bayley & Paul Hain

Isthmus west

Grey Lynn

20-22 Pollen St, Grey Lynn.

20-22 Pollen St:
Features: 1960m² site, frontage also to Mackelvie St, former premises of printing company Gravitas Media Ltd, completely redeveloped & reconfigured 3-level office building plus 94 internal parking spaces; just over 4000m² of net lettable space leased to mix of predominantly creative & technology tenants, mostly on 6-8 year leases, at $435-$495/m²; vendor rental underwrite on 2 tenancy spaces yet to be leased
Rent: $2,176,795/year net + gst
Outcome: sold by Triumph Capital (Tim Wilson) for $37,857,304 to Europe-based investor at a 5.75% yield
Agents: Chris Bayley & Lloyd Budd (Bayleys) with Tim McEnallay (Venncap Sydney) acting as a consultant to the buyer

Herne Bay

32 Shelly Beach Rd:
Features: 746m² site zoned terraced housing & apartment buildings, with concept plan by Paul Brown Architects for 9 apartments, including penthouse, resource consent application submitted to activate this; 5-bedroom villa provides holding income of $1200/week
Outcome: sold for $2.78 million
Agents: Scott Kirk & James Were

Earlier stories:
26 January 2015: Victoria Residences & St James Suites set new price points
23 January 2015: Almost-brothel site among 14 year-end sales
10 November 2014: 3 remaining Spark City buildings sold
3 October 2014: Augusta settles Telecom Place purchase, syndication nears completion
28 August 2014: K Rd building sells at 8%, Telecom Place building 3 at 7.25%
28 April 2014: Chow brothers put brothel site on market

Attribution: Agency release.

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